Will This Be the Newest Member of the Federal Reserve Board?

Janet Yellen may soon have someone to keep her company while awaiting Senate confirmation. Lael Brainard, who currently serves as the U.S. Department of the Treasury’s Under Secretary for International Affairs, is likely to be nominated to the Federal Reserve Board, a person familiar with the matter told Bloomberg. An unnamed Treasury aide added to this speculation, saying that Brainard will be stepping down from her position on November 8.

As Under Secretary for International Affairs, Brainard is responsible for improving U.S. investment opportunities and leadership abroad, addressing transnational issues, such as climate change. Brainard obtained her masters and doctorate in economics from Harvard University. She served in the Clinton White House as Deputy National Economic Adviser and Deputy Assistant to the President on International Economics.

Her role as undersecretary required a Senate confirmation as well. She was nominated in March 2009. In September 2009, the Wall Street Journal was able to report her confirmation was still pending due to inquiries into a home-office tax deduction she had filed. Brainard was eventually confirmed 78-19 in April 2010.

Republican Senator from Kentucky Jim Bunning, opposed the nomination. Bunning told the New York Times, “I don’t think it’s unreasonable for the American people to expect nominees to an important post in the Treasury Department to have a clean record in the payment of their taxes.”